- Prudential Financial Inc PRU has completed the sale of its full-service retirement business to Empower, the U.S. subsidiary of Canadian insurer Great-West Lifeco Inc GWLIF.
- The sale agreement included more than 1,800 employees. Prudential will continue to partner with Empower through the transition.
- "The close of this transaction marks another significant milestone in Prudential's strategy to become a higher growth, less market sensitive, more nimble business," said Andy Sullivan, EVP and head of Prudential's U.S. Businesses.
- Prudential also closed the sale of a portion of its legacy traditional variable annuity block to Fortitude Re on April 1, 2022.
- Price Action: PRU shares are trading lower by 1.82% at $116.24 and GWLIF higher by 0.34% at $29.32 on Monday's last check.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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